- Country Delight, a D2C food essentials brand, has raised USD 108 million in Series D funding, at a valuation of $615 Mn, in a round led by Venturi Partners and Temasek with participation from SWC Global and Trifecta Capital.
- Existing investors, IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners also participated in this round. This transaction takes the company’s total funding to USD 147 million.
About Country Delight:
- Founded in 2013, Country Delight has grown to become India’s leading D2C fresh food essentials brand offering dairy, fruits and vegetables to the doorstep of consumers.
- The company’s business model ensures fresh farm-to-home deliveries within 24-36 hours from sourcing, facilitated by a fully integrated just-in-time supply chain model.
- Company sources its food from a network of farmers in 200 Km radius and delivers on a subscription model to customers in affordable premium category.
- In the last 3 years, Country Delight claims to have grown 10x in scale and have served over 1.5 million customers.
- Founders Chakradhar Gade and Nitin Kaushal said that Country Delight is on a mission to disrupt the decades old Indian food essentials space, which on one hand is highly unorganized with unreliable quality and on the other hand highly organized where essence and naturalness of food is lost.
- He added that Country Delight has taken a tech-driven and consumer-centric approach to solve this problem by delivering natural, fresh and minimally processed food essentials, sourced directly from farmers present across the country and delivered to the doorstep of consumers every single day.
- Venturi Partners said, “Country Delight is solving a very real problem at scale. We have been very impressed by their products first approach, vertically integrated business model and ability to expand across categories.”
- In an earlier interview, founders have said that Country Delight is largely a word of mouth brand due to quality products and had minimal advertising or marketing. They banked on a differentiated products with independent supply chain to compete with dairy giants Amul and Mother Dairy. While company started with milk, which is still majority of revenue, it has now number of other products in its basket like bakery, dairy products, fruits & vegetables and plans to get into categories like pulses, grains, jams and pickles.
- India’s fresh food and staples market is expected to cross USD 50 billion by 2025. Currently over 60% of the fresh foods market is unorganized with limited cold storage capabilities, a fragmented logistics chain and inadequate visibility of product quality across the supply chain.
This market has seen lot of action lately with competition amongst funded players like Bigbasket, Blinkit (formerly Grofers), Swiggy instamart, Zepto, JioMart etc.
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